Stock Market & Financial Investment News

Looking at the S&P 500 on a longer term viewThe index has been taking some hits in the last few sessions after tagging a new life high above 1900. It isn't unusual to see gains being digested after new highs are hit, and it is possible that that is the case now. There are however some big round number levels, on a closing basis, to keep in view as breaching those levels could change a stealth rotation into something else. On a 1-year daily chart, the big level that stands out is a small range between 1840 and 1850. A strong break below 1840 would snap the low of the range in place since early March. That range was violated only once in that time, and resulted in a very strong snap-back. Until such a break takes place, the essentially sideways action could continue for some time. Given the gains in the prior year, this also would not be atypical price behavior. Corrections are resolved either through time or price, and sometimes both. On a much longer time frame, a 2-year basis or longer, it is clear the trend won't be violated until there is a break below 1800. And for the trend reversal to be confirmed, the low at the 1750 area from February would need to be voided as a support.

S&P 500: Pivot pointsThe following are the pivot points for the SPX. Pivot High: 2112.325, Pivot Low: 2102.175. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.

Standard and Poor's Depository Receipts: Pivot pointsThe following are the pivot points for SPY. Pivot High: $212.575, Pivot Low: $211.285. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.

Standard and Poor's Depository Receipts: Pivot pointsThe following are the pivot points for SPY. Pivot High: $211.575, Pivot Low: $210.845. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.

Standard and Poor's Depository Receipts: Pivot pointsThe following are the pivot points for SPY. Pivot High: $212.585, Pivot Low: $209.984. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.

Standard and Poor's Depository Receipts: Pivot pointsThe following are the pivot points for SPY. Pivot High: $210.790, Pivot Low: $209.610. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.

Standard and Poor's Depository Receipts: Pivot pointsThe following are the pivot points for SPY. Pivot High: $210.615, Pivot Low: $209.735. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.

S&P 500: Pivot pointsThe following are the pivot points for the SPX. Pivot High: 2103.995, Pivot Low: 2095.915. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.

S&P 500: Pivot pointsThe following are the pivot points for the SPX. Pivot High: 2106.570, Pivot Low: 2095.070. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.

Standard and Poor's Depository Receipts: Pivot pointsThe following are the pivot points for SPY. Pivot High: $210.350, Pivot Low: $209.270. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.